♪ ♪ imus in the morning >> debt, debate, dow. dare i say it? developments dominate? good morning, everyone, okay,

please. forgive the alliteration, but there's a lot happening. it's official, 1.275 trillion dollars worth of extra debt in the year just ended. that's 4 trillion straight years of dollar deficits. president obama says it's not a concern in the short-term. the debate tomorrow night and the obama camp there's concern that he is so smart, we won't understand what he's saying and this morning the media displays headlines that are clearly negative on governor romney. the dow will open higher again. congress is said to be working on a budget deal. that's a plus for stocks, but question, has the little guy missed this rally? we've got it all. wait till you hear herman cain go after a student heckler and wait until you see bill o'reilly on this program today. "varney & company" is about to begin. [ male announcer ] the markets keep moving. make sure the news keeps coming with thinkorswim by td ameritrade. use the news links breaking stories with possible breakout stocks,

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♪ it's all right, yeah! ♪ all right, hey! yeah, oh... ♪ announcer: movement. along with weight loss, it's one of the many ways to fight osteoarthritis pain. for more information on managing pain, go to fightarthritispain.org. >> good morning, "varney & company" viewers, today is

tuesday october 2nd. one day before the presidential debate. as reported the mainstream media is calling for an obama win. here are two headlines from "the washington post" today. romney forced to play defense. number two, mitt romney versus mitt romney, oh, and president obama will be there, too. remember, please the economy is at stall speed. unemployment 8%, and foreign policy in the middle east unravelling, little mention in the mainstream media. listen from the obama campaign team in advance of debate campaign spokeswoman, quote, what the american people are looking for is not just a professorial list of facts or accomplishments or even goals. obama has a tendency to give long substantive answers. simply, she is saying the president too smart for the average american. here is the washington examiner's reaction to that quote. worry about obama being too

professor professorial to couch-sitting beer drinkers. the polls have him ahead and bill o'reilly is here to talk about the debate and how the media will spin it. all the names at the top of the hour. bill o'reilly. and talking to college student at university of michigan as part of the job creations solutions tour, and responded to the heckler. listen to this. >> this is the-- [crowd boos] . >> usa, usa. >> and that economy 25% of the world gdp. stuart: you want to hear more of his defense of america?

they will be at 10:50 this morning. the national debt climbed in the latest year and remember, the president told letterman, it's not a near term concern, the cliff is approaching. and grover norquist right after this. everyone has goals. take the steps to reach yours, with us with real advice, for real goals. the us bank wealth management advisor can help you. every step of the way. from big steps, to little steps. since 1863 we've helped guide our clients, so they can take the steps to help grow, preserve, and pass along their wealth. so their footsteps can help the next generation find their own path. all of us serving you. us bank

>> 5 seconds to the opening bell. this morning we're expecting another move up, not much, maybe 30 points after the opening bell. why is that? the talk that the senate may get together and have a budget compromise during a lame duck session of congress after the election, that would be a plus for starts, maybe that's why we're up another 30 points. the opening trend will be higher and it is. hold on a second we'll get to maybe 30 points up in the next couple of minutes and the wall street journal reporting that nissan taking a gamble on a $3,000 car to be sold in emerging markets. i think it's an interesting story. nicole, i don't expect nissan's stock to react to this. i can see it's up. i'm just intrigued of bringing back the datsun name and putting out a car for $3,000, i'm looking, roll up windows, a 2 cylinder engine, seats that

don't recline. >> there's something for everybody, there's some that buy 100,000 or 200,000 vehicles, many people in a tough economy who would like a $3,000 vehicle, 3 to $5,000 may be just right. stuart: if i'm in an emerging and developing company and i make a middle class income, $10,000 a year, a $3,000 car is not a bad deal. i mean, i might go for that. >> right, like bad furniture and don't feel badly to dump it at some point. i had a datsun in high school, 280 zx and they hope to roll them out by 2014. stuart: under pressure for viewers, i've abandoned plans to buying a volt and thinking of a datsun $3,000 if they're legal to drive in america. >> similar to your jaguar xke. stuart: i-i donated that to the

imus ranch, to get that straight. >> all right. nicole we may come back to you. stuart: the dow jones industrial average is opening higher, and 14559. there's problems with american airlines, you remember, number one, loose seats? two great incidents the past couple of days, loose seats, it's grounded and they're going to expect them further. american airlines is in the middle of a labor dispute with pilots and had to cancel hundreds of flights because of sick calls and calls for maintenance. nonetheless, would you fly american right now and how much business is going away from american and towards the other carriers whose stocks do trade? we'll follow it for you. we're 90 days from the falling off of the fiscal cliff. there's the clock for you. the new york times reports that senate leaders are working on a budget compromise saying the deal involves 4 trillion dollars

worth of deficit reduction over ten years, and grover norquist for americans with tax reform is in d.c. you're our no tax guy and i want to draw your attention to one line in the story today and it will get the deficit reduction reached through revenue raising by an overhaul of the tax code. and is that code for tax increase which senate republicans could agree to? >> it's come to a tax increase, and senate republicans won't agree to it and the head of the ways and means committee in the house of representatives just made it very clear yesterday, there will be no tax increase this year by eliminating deductions or credit. and those politicians-- >> why do you think the times is floating this story? front page, top story of the day, compromise, here it comes on the budget, tax increases. >> for all of 2011 they told us that the simpson bowles gang of six were about any moment now to

put in writing some budget deal that would raise revenue, they never say taxes, oddly enough, but raise taxes to get revenue and cut spending some way down the road, maybe they think about it. and that was-- they talked about that all year, and it was never true. when we finally made the gang of six, show us what they had written down, it was a stack of paper with all work and no play makes jack a bull boy scribbled on it. and there wasn't anything, they pretended to talk about it for a full year. the fact that they're doing this again, i don't know, senators seem to like to do this, but as the head of the house ways and means committee says, if you take a dollar out of deductions and credits to spend it, which is what the senate is talking about doing, what obama wants to do, that is not available for tax reform. all tax increases to pay for more spending undermine tax reform. and therefore, they're not going to allow it. so, this is a--

this is a nonsorry, 'cause it will never pass the senate and never ever ever pass the house and as much as obama might like to see it happen now, no. stuart: okay. advice for mitt romney in tomorrow night's debate? >> look, obama has changed his previous promise, which was he wouldn't raise taxes on anyone who earned less than $250,000. now, he broke it about eight times during his presidency, but the new promise is, he won't raise anyone's income taxes who earns less than 250,000 next year. so, obama himself in his campaign speeches says, if i get reelected president, 2014, katie bar the door, there is no protection for anybody. so the tax code-- >> you're saying attack on the tax issue, that's what you say mitt romney can, must and should do. >> and spending and just the overall spend, tax, policy of

this administration which would only get worse in a second term. stuart: all right. governor norquist, always a pleasure, thanks for joining us, sir. >> good to be with you. stuart: are we headed into recession? it's a big question right now. some say, yes, we are. well, there is some evidence. 1.3% gdp growth in the second quarter, that's minuscule. the unemployment rate over 8% and it's been there for, well, almost four years. and we're just three days away from next jobs report which could be a bad one. and joining us is a senior economist at rbs. i want you to tell me, are we no, no, let me rephrase that. i want you to tell me i'm absolutely wrong, totally wrong if i say there's a good chance that we're in recession at 2013. tell me. >> oh in 13 is? >> yeah. >> i say the odds of that are less than 20%. you can't rule anything out when you have people talking about allowing the u.s. economy to go

over that fiscal cliff. i don't think it will happen. i cannot believe congress, the administration, would allow that to happen. but, they have taken us to the brink before and i don't think you could completely rule out that scenario barring that we're not going into recession. >> not at all. not in 2013 and for the rest of this year, 2012, that's not going to happen. >> barring the fiscal cliff. if we can get past that and extend the tax cuts and spending cuts until we can come up with a longer term plan. again, i think the risk of recession is very, very low. stuart: all right, turn it around. what chance that we get a real boom. and we've settled the election and there is a decision on election day, and we get through the lame duck congress, and i mean, to some degree, some uncertainty is solved. what chance of a real boom, 3, 4% growth?

>> i think it's there, stuart. again, it's probably only slightly higher than the more negative scenario. first of all, no one is expecting it, so that's the biggest reason that we ought to be talking about it because the concensus is always wrong and the concensus now very pessimistic about 2013. but imagine, if we could get resolution in terms of the election, and resolution on the longer term deficit outlook, how companies who are now sitting on all sorts of cash, holding back on hiring and investment plans because they're not sure what's coming. i even think that consumers now were feeling better despite the uncertainty because the home values are beginning to rise. and i think this economy could grow. >> i've got to close it with a political question and hate to bring politics into this, but i know you love it. what offs a better chance of a boom, a romney victory or an obama victory. >> a romney victory would be viewed positively by the financial markets and in that sense would probably set the

stage for better growth and friendly, potentially regulatory environment on top of no tax increases, to me, that spells a rest me for 3 to 4% scenario that you talked about. stuart: michelle gerard, don't be such a stranger, i don't get into politics that much with you. thank you, michelle. >> all right, stuart. stuart: and what else we've got for you this tuesday morning, wind energy does not work on a large scale. it's one of the most favored industries in america. a top crrtic of energy subs subsidies, explains that. >> and doctors, many voted for president obama last time and why are they switching their votes, 15% ever are going to switch. voters in michigan will have the chance to give public workers new powers and put it into the state constitution. about that pass?

big deal there. and we just got ford motor company sales, they were up 4% that's year over year, 4% gain for the ford motor company and the stock is virtually unchanged. down just 5 cents. we want to hear from you about everything we talk about. varney@foxbusiness.com, is how you reach us. right, tuesday morning, seven early movers. pet smart is going to move into the s&p 500, replacing sunoco. that's up. and apparel maker the company makes juicesy couture, down 2 bucks at 10. and google passed microsoft and went it an all-time high and now down a buck at 760. and cole laboratories, don't like that, down. and chemical maker seeing profits below expectations and that stock is down 2%. industrial services company called team made less money than

expected and down a buck 95. and wausau paper, down 3%. okay. dow is up 12. had been 40, now up 12. we're just one day away from the first presidential debate. the we've shown you the headlines. the media has not stopped piling on romney. and we'll ask pat caddell, he says they're ruining the country. the democrat we had on yesterday said this. >> generally what happens in the first debate is the challenger succeeds. [ male announcer ] at scottrade, you won't just find us online,

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>> and norquist threw cold water over the suggested budget deal of the senate to get us over the fiscal cliff, or stock market lost some of the gain. check the price of oil, a little higher this morning at 92.50, barely changed, actually. and now, no matter what the outcome of tomorrow's debate, the headlines thursday morning will be decided by obama, that's my opinion. if you've been reading the headlines, the president wonment here are two headlines, one, romney forced to play defense. two, mitt romney versus mitt romney, and oh, president obama will be there, too. and clearly, pro obama, anti-romney. democratic strategist joe trippi says that they will not listen to the media. listen to this. >> romney has a chance because there is no filter, he will be able to make the case, certainly right afterwards the mess is going to and pundits like me are

going to say what they interpret it for people, but the fact is that this audience is going to be so huge that i don't think people listen to this interpretation. stuart: well, fox news contributor pat caddell is here. pat, welcome to the program. >> good to be with you. stuart: you wrote an article-- >> it was a speech. stuart: yes, you made a speech. you said that the media has now become a threat to america's democracy. now, you said beyond bias, it's a threat to our democracy, explain it. >> looks, we've had bias in the media before and it's gotten increasingly worse over the 20 years. in 2008 with obama where the press just became, he was un-- he was unvetted. he was basically, they promoted him and now they're supporting him openly, but something worse here. we've three teams on the field, and the romney team on the field and the press on the field and

referees, if they're sacking romney and tackling at the line of scrimage or blocking, but something worse has happened in the las three weeks of libya which terrifies me. >> this is about libya, you say? >> what it showed me, we were now in new uncharted territory, that the press was willing to decide what truth the americans might know and not to know and would interfere with the press's agenda. we have a lot of news that we talk about on fox, for instance, which is important which didn't appear anywhere else. the white house was able to put a narrative out which was a, to be kind let's call-- >> you're saying the media has suppressed-- >> suppressed the news. about the ambassador and libya. okay, now what about the financial side of things? you don't think that-- i don't think the media has suppressed the news about-- >> no, they promoted the economy, tried to promote a narrative that things are getting better for obama. >> and diverted attention away from what i think is the true state of the economy. >> exactly, this is an effort,

look, we go back and remember journalist 2009 "the washington post" and organizing journalists in a private chat room and talk about how they should deal with the republicans. look, this isn't about partisanship, this is an about a questiin of whether a democracy can be free without big press serving as the-- our founders wanted them to be. that's why there are no checks and balances, that they should be, protect the people from power. not serve power. and that's when you start getting into other systems, we start approaching something between baghdad bob on one hand, and in news speak from 1984 on the other. stuart: do you think it's gone that far? >> i think i saw in the last two weeks in libya has been unbelievable. let me give you a couple of examples. we have an ambassador and i wrote about, had written about this and spoke about it, we have an ambassador who has no security on the anniversary of 9-11, by the way, valerie jarrett, a white house aide has full secret service detail. nobody challenges this.

we have susan rice goes out, does five shows on sunday, she's not even in the line of authority saying it's all that video. the white house knew it wasn't. they knew how dangerous the narrative would be, if it were described as a terrorist attack and they went days before the-- >> got it now. i've got 20 seconds, you tell me why the media elites are doing this. 20 seconds. >> because they believe it's their job to dictate to the american people where they know better for them. they don't serve the people they rule them and making themselves,stuart, i say they're making themselves the enemy of the american people. stuart: pat caddell on the show today. come back please. time for the gold report. 9:50 eastern, where are we this morning, 1778. we're down 5 bucks. next, what's wrong with this picture, it's from an ikea catalog and something has been taken out. we'll tell you what has been taken out next. and i have elizabeth macdonald and charles payne fired up. and we're glad that charles is

back and this song is for him. ♪ every time you go away ♪ you take a piece of me with you♪

>> good morning, everybody,

take a careful look at something right now. here is a page and saying it doesn't match the company values. >> and

and it says -- the web wants to convert the rest of the world. they have to have certain values. stuart: and stick to them. more on the debate tomorrow night. and the mainstream span of the mainstream media. and bill o'reilly, next on "varney and company". he will be new at 10:00.

stuart: a day away from the presidential debate and we know what they're they's headlines will be. obama quince ann romney loses. bill o'reilly is here to talk about that. check the big board this tuesday morning. all the gain we had previously have gone. four came in with weak sales and grover norquist poured cold water all over the deal in the senate. zoomeis stock is higher. nicole: it focuses on teenagers. same-store sales really beat the

streets estimate year over year and one reason is higher prices. stuart: i have general motors sales numbers just coming in. year on year sales were up 1.5%. that is a pretty weak performance. it follows ford motor co. at the retail level of 4% and total sales when you throw in fleet and government orders so far this morning weak performance by america's two principal carmakers pushed the dow industrials to the downside. we were up 50. real fast, we have expressed shares a loser. what do we do and how big are they down? nicole: they are down 19% and looking to the downside because there next quarter will miss after a downbeat august. they had a change in traffic. stuart: we are down three points

on the dow industrials. our investors missing out on what has been a very strong stock market rally over the last couple years? federal reserve says $6.9 trillion is in savings accounts even though interest rates payable to these are extremely low. there has been a huge spike in the dow since the lows of 2009. this is a big story for charles payne. you do say the little guy has totally missed out on the stock market rally because they don't trust wall street. charles: 1,000%. talk about pouring salt on the. . march and february americans sold $50 billion of equity to the american market. $50 billion worth that gigantic losses. imagine if they put in $50 billion. if you by nike and go to mcdonald's and gas up at exxon mobile why doo't you own these stocks? stuart: people don't trust wall

street and think they're a bunch of crooks and lost their shirts on wall street and don't want to risk the. [talking over each other] charles: nike isn't wall street. it is the world. liz: low savings rates are bad for the u.s. savor and essentially basically need a strong u.s. economy to help those. the fed instead of yanking the punchball -- that is hurting savers. gerri: chris stroud. 1% savings. >> the reason sabers that getting -- he wants them to buy real estate and see inflation because that is his job. stuart: we have been giving ford sales figures and gm's sales figures lackluster. toyota coming in with the sales gain of 41.5% year on year. that is toyota. charles: watch the trends.

these carmakers caretaking huge market share. can't wait to break out the top-10. last month only one gm car was in there. gm is alive but back on the operating table. stuart: the big political story of the week. tomorrow night's presidential debate no matter the outcome the mainstream media is calling it a win for president obama. here are two headlines from the washington post, romney forced to play defense. mitt romney versus mitt romney and president obama will be there too. bill o'reilly is the author of the new book killing kennedy:the end of canada. great have you with us. you were very restrained when we were talking about gm and the banks and you hold yourself back. >> i am not as smart as you guys. i agree the stock market is

vague and that is -- [talking over each other] charles: people like you are such a powerful influence. what do you say to a family that retires that had no money. bill o'reilly said it was -- >> i said it was a perception but i will say it is rigged the. [talking over each other] >> here is my advice to everybody watching. i have 30% of my portfolio in equities and kept it there. i haven't deviated from and i will keep it there until i die. 30%. that is it. the rest is in muni-bonds and high-yield corporate bonds and things like that. do i trust the stock market with 30%? stuart: rapid-fire through three subjects. in the note spin is done, i say the media spin will be all obama

wins the debate. >> probably true but doesn't matter because romney will have his chance to get before the american public and do what reagan did in 1980. stuart: the media will be against him. >> enough people will see with their own eyes that the media will have not as much influence on the debates so romney has to channel reagan and bring it to president obama as reagan brought it to president carter. stuart: use that on your program america will boat -- go bankrupt with obamacare. >> in combination with the entitlement culture. once you get into an area where you can't possibly pay your bills which is where we are there is no restraint by the democratic party they don't want to cut spending anywhere because it is their lifeblood and they win elections by giving people things you head to greece.

stuart: this is not the america i came to. [talking over each other] >> society is very competitive more than it used to be. it is harder to succeed than it used to be and people just give up early and say i am entitled. give me mine. stuart: they are encouraged to give up. [talking over each other] >> they provide excuses for failure in public schooling. not your fault you didn't do your homework. your father yelled that you. stuart: we have changed that much? america is different than it was four years ago? >> wade different but not just the mentality but the internet. everyone has blueberries and cranberries and blackberries and things in their ears and texting like zombies. you don't think that saps motivation? they create their own fantasy world. they go home and first thing

they do is -- [talking over each other] >> there will be 20% that rule and there will be 80% as 80 wells predicted walking around with blueberries in their head. charles: 20% the majority are people born outside this country and come here. >> some. motivation is what americans need to rise. internet saps' motivation because it is a passive activity. all you do is look and you don't do anything. you don't accomplish anything. you just stair. games or whatever is. stuart: vigorous growth in the american economy turns that around because it offers opportunity to go out and make some money. [talking over each other] >> kids are addicted. children are getting addicted to these machines. stuart: give me growth.

>> if they are addictive you won't get about. stuart: killing kennedy. you are number one in use in the united states of america. i think you are also the number one author in the united states. >> the highest nonfiction sellers now. i am happy about this because these books are worthy in the sense they get people being gauged with their country. killing lincoln. abraham lincoln -- read that book and you will know. and in long island, everybody remembers and i never really knew how he got killed. that is why i wrote the book. stuart: are you engaging in the conspiracy theory? was a lone gunman? >> yes it was. there were unsavory people around lee harvey oswald. some would be fine and some we haven't so that there are unanswered questions but reading the-reading killing kennedy will learn about john f. kennedy and

what kind of guy he was and make a decision whether he was good or bad and you know how he was killed. i got access to the fbi guys who covered the case and never spoke to anybody before. they spoke to me. all of it is new and your head will snap back and we talk about marilyn monroe and francs and afro and all these people swirling around the kennedy presidency. stuart: we respect you as an author. we respect the fact that a lot of the money from these books goes to charity. >> we set up a charity named after my mother and father. my maternal grandmother was kennedy. winifred kennedy. that is on my mother's side. i set up a foundation and we do as much as we can. we have this crazy debate saturday night with john stuart. [talking over each other] >> at george washington university.

five minute but you see it on the net for $5 so even new will pony up the five. what it is is half the money we get goes to charity from the rumble and it is saturday night and day:00 and the rumble 2012.com is where you get it and give you can't you can watch when you want. stuart: you are a good man. >> don't ruin my image. stuart: no matter what they say. i appreciate it. don't miss tomorrow night fox business special coverage of the debate at 8:00 p.m. with neil cavuto. a new effort to hold banks responsible for the financial crisis. new york attorney general filed a civil fraud lawsuit against j. p. morgan of mortgage-backed securities packaged and sold by bear stearns. later this hour judge andrew napolitano joins us. is it the latest case of an overzealous prosecutor going after an unpopular target? 10:33 find out for sure. impact on j. p. morgan stock?

nicole: stock is to the downside with j. p. morgan selling off went the rest of the banks are higher on a credit suisse upgrade. j. p. morgan is feeling this down 4.8% and it is about bear stearns and jamie dimon got side swept and wasn't expecting to see this today. stuart: thank you very much. bring everybody up to date because we are down. we are off 15 points right at 13-5. our next guest says the wind industry is one of the most favored industries in the united states. get government subsidies and breaks for compliance with environmental laws and despite that loss 10,000 jobs in the last few years. joining us is robert bryce with the manhattan institute and author of power hungry. he is our guy at "varney and company". welcome to the program. point by point. what subsidies does the wind industry get? >> at the federal law will one

that is at issue is production tax credit two.two cents per kilowatt hour of electricity produced. it is a lot because in some markets now that subsidy seeks the market price of the electricity being produced by other generators so in some markets in texas the wind energy business is bidding negative prices and paying to put their electricity into the grid so they can collect them in a stuart: tax subsidies for, what our greater than any other form of energy. >> reports i releasing with man had an institute shows the subsidies for the wind industry are at least 12 times what is given to the oil and gas industry on punitive energy produced. stuart: next one. the preferences that they get around environmental laws. >> this just chaps' my hide. [talking over each other]

>> i have been writing about this issue. migratory bird kills since the 1980s. for a story national magazine the. we are on this issue. oil and gas industry prosecuted in texas and oklahoma and new mexico because they and obama oil pad and killing birds and fish and wildlife service brought 200 cases against the industry at that time. today efficient wildlife service estimates wind industry is the 440,000 birds the year and there has not been a single prosecution of the industry under migratory bird treaty act or equal protection act. [talking over each other] >> a pernicious double standard and it is outrageous. charles: this order the president did last week. won allow the chinese company four wind farms. i thought was absolutely amazing. we are the going to war with china over solar and wind when there are so many larger issues. do you talk about this?

[talking over each other] >> first time a president stop the deal like this along time. >> jeter we have a free market we don't. we have subsidies. mandate. 29 states covering two hundred million people subject to mandates where they are forced to buy your noble energy. >> the wins sector believes in free markets for everyone else but themselves. [talking over each other] >> the wind industry lost 10,000 jobs. is that accurate? >> i don't know that for sure but the one at issue now the department of energy is promoting with the wind industry is if a production tax credit is not extended, 37,000 jobs will be lost. if you do the simple math and use joint committee on taxation data saying each of those jobs will cost $329,000 each. stuart: you know the wind industry and glad you shared it with us. doctors abandoning president obama. backing mitt romney and all

because of obamacare. the latest numbers coming up. dr. segal could have told you the president's health law was bad before they signed it. not what nancy pelosi said. run again. >> we have to pass the bill so that you can find out what is in it away from the fog of controversy.

you see us, at the start of the day. on theompany phone list that's a few names longer. you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank.

stuart: how do we characterize this? the market is flat to down. dow industrials down 21 giving up gains of 50 points higher down 21. september sales general motors up 1.5% year over year. sold 2800 chevy volts during the month. gm stock was higher before the number came out at the top of the hour and it is $0.06 higher. basically flat sales compared to last september similar to the other one. look at toyota. sales up in the u.s. 41.5% compared to last year when it was struggling with the effect of the tsunami and the stock is still down a little. back in 90 seconds with dr. mark siegel. doctors are worried about the effect of obamacare and obamacare concerns. vote for mitt romney.

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for your family and your business that's 100% guaranteed. so go to legalzoom.com today for personalized, affordable legal protection. stuart: a very rare spider. no eyes and virtually translucent and in danger. what happens since been in 30 years until now. now that spider is holding up a $15 million construction project while they figure out how to protect this one spider. liz macdonald is here. liz: build a bridge over it. stuart: seems like doctors are

turning against president obama. met romney has a 55% to 36% advantage among doctors according to the health-care staffing company jackson held. it is the survey that is not a formal poll. 15% say they voted for the president last time but this time they will vote for romney. joining us is dr. mark siegel. welcome to the program. why are they doing this? what is the problem with obamacare that makes doctors vote against obama? >> you have to have a lobotomy if your exposition and vote for president obama with all due respect. it is not about doctors being greedy. it is about doctors being able to stay in business. doctors in private practice saying i can't afford the increasing expenses. i can't afford to handle this new technology. i can't afford all this paperwork under obamacare that says this test is restricted and

we don't agree with that test and independent medicare advisory boards, pronouncements that at the same time reimbursements being cut. i have been with a cardiologists the other day who said last year i was making $550 for an echo. this year i am making 2 a dollars for the same echo. if they cut your salary in half you may not be here. how could a doctor vote obama? [talking over each other] stuart: financial squeeze is what you are saying. >> financial squeeze at the same time we are asked to see more and more patients and technology is burgeoning but we are not going to get these tests approved. harder to practice and less money for it. stuart: many viewers are going to say being a doctor is a calling. it is a profession. it is not about how much profit you make at the end of the day. is not about money. you are saying they're leaving because of money. denying that doctors are in it for a calling.

where are you? >> it is fine as long as you can pay your bills and keep the doors open. this is a warning for the people out there. the doctors surveyed his said they might vote for the president high those who work for hospitals in keeping with where this is going. they found accountable care organizations and quality of care being awarded and all of these penalties and increasing fees doctors can only stay in business by joining hospital groups. president obama says keep your doctor except your doctor is fleeing where the shingle is and move into a hospital. stuart: fired up dr. mark siegel. >> my calling but i should be paid for it. stuart: dr. mark siegel. thank you very much. we are seeing the mainstream media will not give met romney a chance in the debate tomorrow. not giving george w. bush a

ago.ce against al gore 12 years that is part of my take and my take will be next.

[lghing] [message beep]

[tires screeching] >> they talk about that all year. it was never true. when we made a gain of 6 show us what they had written down it

was a stack of paper with all work and no play makes jack adult oid. that was grover norquist. stuart: cold water all over the idea in the new york times there will be a budget compromise during a lame-duck congress. as he was doing that the stock market came off of its 15 point rally. "varney and company" wall to wall starting at 9:20 eastern. to the big board we are down 11 points. i call it pretty flat market. look at gold pretty flat. not much movement at 1778. as for the price of oil down $0.03. gas prices flat. national average for a gallon of regular still at $3.78 and diesel and $4.08. early this morning i jumped the gun on that. early this morning i was flipping through the newspapers and doing a little channel surfing. i suppose i shouldn't be surprised when i see media bias

but when classic examples jump out at you i have to take note. here is my take on contempt and diversion. first the contempt. on a cable channel this morning a supposedly objective reporters said george w. bush had been surprisingly well informed him in his debate. this reporter said let's cover this, all thought he was not up to speed. surprisingly well-informed. this reporter is top of the the lead three. doesn't report but passes judgment from his lofty perch. some much smarter. an item in new york times about governor romney and the cayman islands. cure diversion. the times could have looked at the performance of the economy under president obama were appalling attempts to mislead over the murder of an american ambassador but five weeks to the e election the times had returned to romney the rich guy

theme. we shouldn't be surprised and i am not. i am just getting more a angry by the day as i see the elite yet again look down on america.

stuart: we are just three days from the big jobs report. the expectations are not afraid,

to state the least. i want your prediction. i am hearing that we make it 100 or less, 100,000 or less, new jobs. what do you say? >> i will go with 98,000 a small uptick in unemployment. on the jobs numbers that comes out before the election, i think you will see it print out 7.9. stuart: yes. i agree with you. pushing the books. deliberately pushing people out of the workforce. the unemployment rate shrinks. another conspiracy theory, but i think they are doing that. >> i could not agree more. people are ignoring the most important numbers that are out there right now. that is 11.4%. that is the unemployment rate in europe right now. we are completely ignoring this

tuition going on in europe right now. is anyone in washington, d.c. learning from the mistakes happening over there. we ignored the data and it baffles me. stuart: 90,000 new jobs. that will be friday's report. you may see a tick up in the unemployment rate. that is your prediction? >> that is my prediction. stuart: and 7.9. i am with you on that one. we will be back with more on this. that is a promise. the state of new york is doing jpmorgan over luggage back security. pulverized, judge andrew napolitano is here. eric snyder, new york state attorney general.

>> the very well may have been brought. he makes argument about the sale of mortgage backed securities. it ought to have known, ought to have revealed to the purchasers, that it was not what they said it was worth. this is basically a gimmick by the state of new york to extract from jpmorgan chase money that was lost. jpmorgan chase acquired. jpmorgan chase says we did not even want to buy them. the federal government said we had to. >> the government made a very easy way for them to but it neared the federal reserve pitched and $30 million.

>> i am not opposed to transparency. the state of new york is looking to bridge at the expense of jpmorgan chase. if a guy cheap price, it will end up paying for it now by trying to get the government off its back. stuart: would you deny that eric snyderman wants to be the governor of new york and he will enrich the government of new york? >> i would not deny that. i am not sure he will sit on that pot of money and distribute it back to investors. this is not accounting fraud. stuart: why is he raising is now five weeks and felt a major election? >> because he is an animal.

and this is the $64,000 question. rudy giuliani was the attorney for the district of new york and arguably used. in order to gain and become mayor. the governor of new york and then ran for president of the united states. should politics influence prosecutions? absolutely not. but it does. very frequently. stuart: do you think he wins? >> yes. i think they will pay money for this to go away. it will cost as much or too little -- litigate. >> jpmorgan chase used its own money to bail out the banks.

but now they turn to the federal reserve to get 30 billion to help buy it. [ talking over each other ] >> that panic -- they're meant more powerful jobs. >> she is so brilliant. stuart: i am the only one who remembers all of these historical things. [laughter] >> you invested in them. stuart: are you all done? thank you. >> judge, that was great. stuart: melissa francis will talk to attorney general snyderman. that will be here on fox business. a new ballot measuring michigan will give public workers more power. they will vote on it. we will deal with it next.

♪ stuart: dead one. that is the stock market this morning. stocks were up at the opening bell. disappointing u.s. auto sales. flat compared to last year. toyota, different story, up.

new numbers suggesting this may not be a great holiday shopping season. predicting a 4.1% increase. that would be the smallest gain since the recession began. check out jcpenney. one retailer back of the hurt if holiday shopping is weak. twenty-three dollars on jcpenney. back in 90 seconds with a very important union story that is developing in michigan. do not miss this one. ♪ before copd...

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stuart: a new probe into wasteful spending. you may remember a pair of junkets and orlando the cost taxpayers $6 billion. the virginia top administrator resigned. his latest report resized him and that he advocated his responsibilities. nicole, you have a new stock hitting a new high today. nicole: we have seen the stock jumping big time. hitting new highs here as george fella, if deal to bolster if team usa. stuart: you were recommending this. >> we have this conversation on air. we said it was a dog. it has been in the rumor mill

for a long time. it has been a takeover candidate for about four or five years. stuart: it is at 14. >> still a huge move. stuart: i want microsoft. michigan is the new battleground state for organized labor. they put a measure on the november ballot that could do three things. item one. no new laws to limit union rights. two. prevent michigan from ever becoming a right to work state. three. give unions that ability to and length challenges and their decisions of benefit. richard berman is an d.c. this is not just a new law. this would go into the michigan state constitution forever. >> that is right. the attorney general has said

this will affect 170 laws on the books right now. it will give unprecedented power in the united states. there is no state that would have the amount of power that they presently would enjoy in michigan if this would pass. stuart: it would react local legislatures, local school boards, for example, if they came to an agreement with unions. >> yes. they call it the protect our jobs ballot initiative. you know, when you look at it, you can see it is about protecting the union's ability to screw taxpayers and public children out of their rights. it would screw taxpayers big-time. billions of dollars would be spent on that unions with very inefficient proposals. quite frankly, it would take a state that is getting a

turnaround here and bring it all the way back to where the unions were when they were bankrupt. stuart: that is your view of things. i think michigan voters may see it differently. there is 48% support for this bozo. >> part of the reason is you put a proposal on the ballot, it has to be 100 words or less. can you imagine a law that will affect 170 laws on the books and you will explain it to voters with less than 100 laws. it is a total deception. people will wake up every very surprised as to what has happened to their tax bills, rights on the job, even union employees will have their right hijacked because they will be forced to give money to unions for political purchases. use the 80% of union members wanting to control their own money. this will obviate the ability of

the state to protect the employees right to hang onto their own money. stuart: the state no longer collected union dues for the union. the union had to do it for themselves, essentially. that would now be made illegal in michigan. the state would have to collect union dues and pass them on. >> they would have to collect the union dues for political purchases did there are lots of union members that would say it is okay to collect ideas if they will be used or collective bargaining uses, but not necessarily when they will use literally hundreds of millions of dollars a year and employee dues for politics. most people understand that union members are not all democrats. in the 2010 exit polls, 42% of union households voted republican, but 93% of the dues money that the union uses goes to democrats. this would lock that in.

stuart: we are out of time. this will be on the november ballot. comp tell us how that is doing. thank you very much, sir. next, we will place her maintains entire rant in defense of america. good stuff. you will not want to miss it. stay right there.

stuart: government workers are among the biggest donors to president obama's campaign. government employees are in the top five among sources for cash in his campaign. this is according to the website open secrets.com. colleges are big supporters of the president. mitt romney sees his strongest backing from bank employees. herman cain defense of america. he was heckled and then responded to the heckler. >> this is the greatest task in the world. >> you as a. usa. usa.

>> 25% of the world gdp. [ cheering and applause ] cannot back -- in. stuart: charles, what do you say? >> keep going. >> he really schooled the kids. his final point was terrific. [ talking over each other ] >> it is the greatest country in the world. >> and if you do not like it, leave. >> even better.

[laughter] stuart: the highlight reel is next.

stuart: who said tuesday for no real good luck no matter what the outcome of tomorrow's debate, the headlines will be pro- obama. >> from he has two channel reagan. stuart: the media has become a threat to american democracy. >> what truth they are not to know. stuart: they are concerned he is so smart we will not understand what he is saying. >> everyone has the blueberries and the cranberries and the black areas. they are texting like zombies. stuart: it was seinfeld who said tuesday have no feel. blackberry and cranberries and all the rest of it and we are blind to all the rest of it.

[ talking over each other ] >> listen, look at some of the hits that some of these videos have. they are in the zone. they are lost. stuart: haven't you ever been young, charles? >> i am more concerned about the 20 year olds. when i walk into a building and see a security guard sitting there with his headphones on. this kid could change his life. instead he will be one of these guys that will stay in the same circumstances. >> i am not worried about this with like berries. >> i am more worried about the internet. stuart: we did not give enough time to that general motors and

ford sales figures. they were not good. that is why the dow is down 42 points. this economy is not good. >> l.a. times love thatobama administration. >> it is a disaster. it is a red flag, not a yellow flag. >> in other bailout for gm? stuart: toyota up. >> unfortunately, we gave it away. stuart: we gutted it up. when have the major american i can't think of it to a foreign company with the fifth? [laughter] stuart: our time is up. dagen and